[Diggers350] Lloyds Buying 50k Homes, Aim To Be UK’S Biggest Private Landlord By 2030

[Tony Gosling]

Lloyds Bank Sets Out New Plans To Buy 50,000 
Homes To Become UK’S Biggest Private Landlord By 2030

https://tlio.gn.apc.org/lloyds-bank-sets-out-new-plans-to-buy-50000-homes-to-become-uks-biggest-private-landlord-by-2030/
Linda Howard 01 Sep 2021 
<https://tlio.gn.apc.org/lloyds-bank-sets-out-new-plans-to-buy-50000-homes-to-become-uks-biggest-private-landlord-by-2030/>10 
SEPTEMBER 2021 
<https://tlio.gn.apc.org/author/tony/>TONY 
GOSLING 
<https://tlio.gn.apc.org/lloyds-bank-sets-out-new-plans-to-buy-50000-homes-to-become-uks-biggest-private-landlord-by-2030/#respond>LEAVE 
A COMMENT

Lloyds Bank sets out new plans to buy 50,000 
homes to become UK’s biggest private landlord by 2030

<https://www.msn.com/en-gb/money/other/lloyds-bank-sets-out-new-plans-to-buy-50000-homes-to-become-uk-e2-80-99s-biggest-private-landlord-by-2030/ar-AANZ5TI>https://www.msn.com/en-gb/money/other/lloyds-bank-sets-out-new-plans-to-buy-50000-homes-to-become-uk-e2-80-99s-biggest-private-landlord-by-2030/ar-AANZ5TI

Lloyds Banking Group is reportedly planning to 
become one of the UK’s biggest landlords, according to the Financial Times.

The banking giant is aiming to buy 50,000 homes 
in the next 10 years and charge tenants rent as a 
private landlord. The Financial Times said that 
Lloyds Banking Group has launched the ‘Citra 
Living’ brand in an attempt to move into new streams of making money.

Lloyds is the biggest mortgage lender in the UK, 
providing nearly one in four home loans to 
prospective buyers, but, with interest rates at 
historic lows for more than a decade, returns have been squeezed.

The newspaper said an internal job advertisement 
has set a “strategic challenge” of reaching 
10,000 properties by the end of 2025, with a further aim to hit 50,000 by 2030.

Based on current property prices and rental 
estimates, this would create a portfolio worth £4 
billion, generating pre-tax profits of around £300 million.

If the targets are hit, Citra Living will 
overtake the UK’s current largest private 
landlord, Grainger, which has 9,100 properties worth around £2.1 billion.

Citra may consider “M&A (mergers and 
acquisitions) opportunities and/or strategic 
alliances” to help it reach the targets, the advert added.

Previously, the bank has been cautious on the 
potential for the new division, with finance 
chief William Chalmers saying expansion into the 
private rental market would be “on a limited basis while we explore the area”.

Several big name fund management groups and 
insurers have entered the private rental market 
in recent years, including Legal & General and M&G.

And retailer John Lewis recently announced plans 
to convert unused floor space in its department stores into rental homes.

The switch from small-scale private landlords 
follows changes in tax rules which mean 
buy-to-let mortgage payments are no longer tax deductible.

A Lloyds spokesperson said: “As highlighted at 
launch, Citra Living will initially start small, 
with a focus on buying and renting good-quality, 
newly-built properties. This will be achieved by 
working alongside leading house builders to 
address the increasing demand for rental properties.

“The aim is to gradually provide incremental 
stock to the UK rental market over the coming years.”

And it came to pass, as he sat at meat with them, 
he took bread, and blessed it, and brake, and 
gave to them. 
<http://biblehub.com/luke/24-31.htm>31 And their 
eyes were opened, and they knew him; and he 
vanished out of their 
sight.  http://biblehub.com/kjv/luke/24.htm 
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